{"id":1004083092,"date":"2013-09-05T06:34:07","date_gmt":"2013-09-05T14:34:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004083092"},"modified":"2022-12-08T18:31:26","modified_gmt":"2022-12-09T02:31:26","slug":"parallel-discusses-strategy-behind-purchase-of-landmark-dallas-towers","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parallel-discusses-strategy-behind-purchase-of-landmark-dallas-towers\/","title":{"rendered":"Parallel Discusses Strategy Behind Purchase of Landmark Dallas Towers"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Parallel\"<\/a><\/p>\n

The purchase by Parallel Capital Partners of the 850,000-square-foot, two-building Urban Towers project in Irving, Texas, announced late Tuesday, marked the company\u2019s re-entry into the Dallas\u2013Fort Worth market.<\/p>\n

And Commercial Property Executive<\/i> had the opportunity to find out from Parallel Capital Partners managing partner Jim Ingebritsen why the private CRE investment and operating company, based in San Diego, gradually left the Metroplex and why it has returned.<\/p>\n

To recap the deal itself, the property, which fronts State Highway 114 in Las Colinas, a business district and master-planned community, consists of two Class A high-rise offices (a 22-story North Tower, built in 1982, and 17-story East Tower, completed two years later); two parking structures totaling 2,736 spaces; and plans for a third office tower and parking garage.<\/p>\n

The buyer was a partnership between Parallel Capital Partners and Angelo, Gordon & Co., and the seller was CB Richard Ellis Strategic Partners U.S., which had owned the towers since 2006. The transaction\u2019s dollar amount was not disclosed.<\/p>\n

Urban Towers, which is LEED-Silver certified, is 88 percent occupied, anchored by Celanese Corp. Other major tenants are Verizon, HealthSmart and Union Standard Insurance Group. Amenities include a fitness center, deli and coffee shop, medical clinic, and conference facilities.<\/p>\n

 <\/p>\n

Kennedy Hicks and Michael McDonald from Eastdil Secured represented CBRE, and Parallel represented itself. Parallel has brought in Cushman & Wakefield of Texas Inc. to handle property management and leasing.<\/p>\n

\u201cWe typically buy assets that are in need of repositioning, rebranding or aggressive leasing,\u201d Ingebritsen told CPE<\/i>.<\/p>\n

Parallel\u2019s original holdings in Dallas were part of a $300 million portfolio acquisition in 1998 from SinarMas, an Indonesian firm, he said. Those assets were:<\/p>\n